The US clothing chain Gap announced Thursday that it is going to eliminate some 1,800 jobs in its corporate offices as part of a plan to reduce costs and simplify its structure.
Gap, which had already announced in January that it was preparing a plan in this regard, specified the personnel reductions in a communication sent today to the stock market regulator.
The company estimates the layoffs will cost it between $100 million and $120 million and will be mostly completed in the first half of this fiscal year.
Last September, Gap it had already cut about 500 office positions to save money and as of January had about 95,000 employees worldwide, but most of them are in stores and not at its corporate headquarters.
After knowing the announcement this Thursday, the company’s shares experienced a clear rise and half an hour after the start of operations they gained more than 2.5%.
Source: EFE
Source: Gestion
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